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Los Angeles

Local dentist picks up Palmdale retail space for $11M

Rami Haddad picked up 55K sf of retail at the Rancho Vista Plaza property

Rancho Plaza Vista sold for $11 million
Several stores at Rancho Plaza Vista sold for $11 million

A local investor has made a retail play in Palmdale.

An LLC linked to Lancaster-based dentist Rami Haddad purchased a portion of Rancho Vista Plaza for $10.9 million. The sale is for around half of the single-story retail locations at the property, about 55,000 square feet.

The sold properties are currently leased to tenants including Subway, MetroPCS, and insurance company State Farm. A Vons supermarket, Rite Aid Pharmacy, a Burger King and a handful of other retail spaces at Rancho Vista Plaza, are owned by separate investors and were not sold as part of the deal.

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The seller was a joint venture of two trusts tied to Robert G. Anderson and Ronald Waranch, according to property records. Marcus & Millichap’s Brandon Michaels represented both the trusts and Dr. Haddad in the deal. The asking price was $11.2 million and the deal closed in July. The property was developed in 1991 and renovated in 2004.

Despite concerns about the future viability of brick and mortar retail, the Los Angeles area has seen a handful of large retail center sales over the last few months.

In late July, restaurateur Fabio Conti purchased two retail centers in the Inland Empire for a total of $35.6 million. Later last month, Seagrove Property Group sold a Glendora property to a private foreign investor for $13.7 million.

Developer DH Holdings picked up a Thousand Oaks retail center earlier this month for $18 million with plans to expand the property with a grocery store and day care center.

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Retail Real Estate